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New York Times
5 hours ago
- Business
- New York Times
Alexander Isak could cost £250m to sign. This is why – and who could afford it
Alexander Isak wishing to leave Newcastle United is one thing; working out who could afford to buy him is quite another. Newcastle hope any serious transfer fee conversation will start at the mind-boggling figure of £150million ($203m). To put that into context, it would make Isak the third most expensive footballer in history, behind Paris Saint-Germain recruits Neymar and Kylian Mbappe. Advertisement The field of possible destinations looks slim. Even ignoring the football factors, the financials in play are huge and an obvious barrier to entering the Isak market. Buying Isak for £150m is more like a £171m transfer once we add in some estimated agent fees and, if the buyer is a Premier League club, a four per cent transfer levy. From a profit and sustainability rules (PSR) perspective, spread over a five-year deal, those fees alone would add £33m-35m to a club's costs. Then there are Isak's wages. His exact demands are unknown but given his status as one of the world's leading players a range of £250,000 to £300,000 a week is far from unreasonable. At that level, the hit to a club would be £15m-£18m annually. Essentially, it's fair to say signing Isak would lump £50m in annual costs onto his new club — and that's just from an accounting perspective. It's often forgotten that clubs will need to pay the money in cash eventually and, over our hypothetical five-year deal, Isak would probably cost a new suitor more than £250m. Plainly, that rules a lot of teams out. But can anyone afford it? In Italy, Juventus have lost around £670m in the past four years. Both Milan and Inter are recovering financially but the fee for Isak would be more than two-fifths of their most recently published revenues. Napoli, Serie A winners last season, have posted impressive profits recently and boasted a strong cash position at last check. They would be the most feasible Italian suitor yet still an unlikely one; their most recent wage bill was lower than Newcastle's. In Germany, Eintracht Frankfurt's heady player sales have imbued them with cash and regulatory headroom but signing up to a commitment like Isak is fanciful. Their 2023-24 revenues were £213m, so his signing would cost over 70 per cent of annual turnover. Advertisement Borussia Dortmund's wage bill in the same season, when they reached the Champions League final, was only around £12m higher than Newcastle's, so meeting Isak's demands seems unlikely even with the club on a generally sound footing. Dortmund weren't expected to spend much this summer and have already spent their Club World Cup earnings on Jobe Bellingham and Yan Couto. Bayern Munich are a possible option, but success in their other plans, like getting Luis Diaz from Liverpool, would reduce that likelihood. The German champions are the fifth-highest-earning club in world football, according to Deloitte, and consistently profitable, generating a £135m pre-tax surplus in the past five seasons. Financially, Bayern are one of the few clubs who could afford Isak — they showed as much by being realistic contenders for the signature of Florian Wirtz earlier this summer. But the fact they are prioritising other targets would slim the chances of a deal for Isak. In France, like with most big-name players these days, only PSG could afford him. They are unencumbered by lax financial rules at home and have enjoyed huge income from the Champions League and Club World Cup recently. Wages fell with the departure of Mbappe last year, but they remain big spenders. Compliance abroad is trickier — PSG are in a 'settlement regime' with UEFA until the end of this season, so there are some limitations on their spending. Still, moving on someone like the unwanted Randal Kolo Muani would feasibly open a space for Isak, both in the squad and in terms of remaining within any financial rules. Cash tends not to be a problem in the French capital. In Spain, Barcelona are having enough trouble making room to register players they've already signed. Atletico Madrid just about break even but have high debts to service and, based on most recent figures, the amortisation cost of signing Isak would be more than half their total amortisation bill. They've spent big (£65m) on Julian Alvarez since those figures were released, but that in itself likely rules them out of being able to enter the market at over double Alvarez's price. Real Madrid tend to be able to afford just about anyone and recently announced 2024-25 revenues of €1.2billion (£1.0bn), the largest in the world. Even with Mbappe's huge wage coming onboard, Madrid were profitable last season, to the tune of €24m (£20m) after tax. Even so, they have pressing needs elsewhere, and there are only so many huge salaries you can take at once. Real have already spent just shy of £150m in transfer fees alone already this summer, and doubling that again looks unlikely, even for them. It's not impossible, but it is improbable. Advertisement And so, what of England? The world's richest league is naturally the one where clubs could most realistically afford Isak, though even here he'd be limited for actual choice. Tottenham Hotspur have the PSR headroom but unlikely the cash or space on the wage bill, which is kept notoriously low relative to income, and especially as they're already spending this summer. Further south, as we detailed in June, Brighton & Hove Albion have much in the way of regulatory headroom but are plainly an unrealistic option. That same piece outlined Chelsea as, ludicrously to some, the club with the greatest scope to spend from a PSR perspective. They don't want for cash, having received not far shy of £1bn from their current owners, but this deal, alongside their other activity this summer, would be pushing things. Particularly as Chelsea are in their own UEFA settlement regime, and the impact of recent intra-group asset sales won't boost their PSR calculations forever. Chelsea are already in the position of needing to sell players to free up space on their Champions League squad list and, in any case, it's unclear how Isak's salary would line up at a club where there's been a concerted (albeit sometimes overstated) effort to reduce staff costs. Arsenal were long viewed as a viable landing spot for Isak, but the imminent signing of Viktor Gyokeres casts clear doubt on that. Even without Gyokeres, they have spent over £100m already this summer, albeit after a lean year last season (net spend: £20.9m). Arsenal probably could afford the £50m annual cost of signing Isak, especially as revenues continue to rise, but their activity this summer (both completed and pending) would mean they'd very much be pushing toward their limit by doing so. Manchester City have plenty of money and PSR headroom, even after spending some £300m or more since the turn of the year. They could afford Isak, having booked nearly £200m in profit in the past three seasons. Football reasons seem a more likely impediment to moving there. Across town, Manchester United have been heavily loss-making in recent years but, as The Athletic detailed in June, their PSR losses are much lower than previously thought. United remain the fourth-highest-earning club in the world and have undertaken significant cost-cutting over the past year. Advertisement From a PSR perspective, they may well be able to stretch to someone like Isak, even without Champions League football this year. But cash is another issue. United's transfer debts were over £300m net even before the recent signings of Matheus Cunha and Bryan Mbeumo, and their need to sell players this summer is more cash-focused than rules-based. To that end, adding Isak's wage and paying a huge fee to Newcastle looks highly unlikely, and would rely on either a further injection of shares (Sir Jim Ratcliffe invested £238.5m in 2024) or adding to an already hefty debt pile. Remarkably, despite their £300m-plus spend already this summer, Liverpool represent the likeliest Premier League destination for Isak. The Anfield outfit would need to sell players but are already planning to; the departures of Diaz, Darwin Nunez or Harvey Elliott, or even all three, would provide a boost to profits and cash, and help them back toward the policy of sustainability driven by Fenway Sports Group over the past decade and more. Liverpool have been able to spend so much this summer through careful financial management, and it's exactly that which keeps them in the frame for Isak — even at the huge asking price. It's a tall ask, even for a club as well managed as they have been, but the conditions to do it really are there: low transfer debt, strong cashflow, surging revenue and saleable assets to help offset the hit both now and in the future. Away from the Premier League, the oil-soaked elephant in this particular transfer room is the instance whereby Isak's overarching employer doesn't change. Al Hilal are, like Newcastle, owned by the Public Investment Fund of Saudi Arabia and, at the risk of stating the obvious, have no financial worries at all. Since being taken over by PIF in June 2023, Al Hilal have spent over £400m on new signings and goodness knows what more on wages. If they want to sign Isak, they can afford to. The financials would be easy from Al Hilal's perspective, and while selling to a club of such supreme wealth might comfort Newcastle fans in the knowledge they'll get a chunky fee for Isak, the reality is more nuanced. Advertisement Under Premier League rules, any sale to a fellow PIF-owned club would require a 'fair market value assessment'. In other words, if the league deemed the fee spent by Al Hilal excessive, Newcastle would have to revise down their profit on Isak in their PSR calculation. The ramifications of a move to Saudi Arabia would be even worse on the continental stage. Under UEFA rules, player sales between related parties — which Newcastle and Al Hilal are — have to be measured at zero profit (or a loss), just as Allan Saint-Maximin's move to Al Ahli in July 2023 was. Isak could be sold to Al Hilal for £150m and Newcastle would enjoy the cash, but under UEFA rules, they'd be disallowed from booking any profit — thus doing nothing to improve their ability to remain compliant on the European stage.
Daily Mirror
5 hours ago
- Business
- Daily Mirror
Liverpool transfer news: PSR position explained amid £120m Alexander Isak interest
Liverpool could make a sensational £120m move for Alexander Isak after he reportedly asked Newcastle for a move away as Arne Slot's squad continues to be revamped Liverpool have been granted what appears to be a free run at Newcastle striker Alexander Isak after he sensationally asked to leave St James' Park. And with Manchester United among the clubs already ruling themselves out of a move for the £120m forward, Arne Slot's Premier League champions could continue their remarkable transfer window by bringing in the Sweden star. Should that happen an even greater emphasis will be placed on outgoings, however, with a host of names now being linked with departures. Yet Liverpool could also continue spending regardless without immediately falling foul of PSR regulations. Here are the big stories as Liverpool continue to be the main characters in the 2025 summer transfer window. Isak latest Alexander Isak has opened the door to a sensational British-record transfer to Liverpool after informing Newcastle that he wants to explore a move away from St James' Park. Isak did not travel with the Magpies to Singapore yesterday for their pre-season tour, though the club insist his omission was due to a thigh issue. And the Reds are in pole position despite interest from Saudi Arabia. Financial reality So in the era of PSR, where clubs are evaluated on not posting losses of £105m across a three-year cycle, how can they continue to spend as they attempt to equip Arne Slot with a squad capable of retaining their title? That they only signed Federico Chiesa, one of several players now up for sale, last summer has certainly helped but the key to their splurge is amoritisation and the book value of sales outweighing fees paid out that are spread across several seasons. The sales of Trent Alexander-Arnold, Caoimhin Kelleher and Jarell Quansah for a combined £61.5m, with more departures destined to follow, means the Reds could sign Isak and still add another player amid continued links with Crystal Palace captain Marc Guehi. And here is how things could look on the balance sheet. Potential outgoings Luis Diaz is wanted by Bayern Munich and is keen to join the German giants while Darwin Nunez, Harvey Elliott, Federico Chiesa and Tyler Morton remain possible departures before next month's transfer deadline. A number of loan agreements are also likely to be struck for academy players as the hectic window is set to continue. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Yahoo
11 hours ago
- Sport
- Yahoo
Louis Munteanu transfer cover broken as Celtic told Balikwisha's private feelings amid 'ridiculous' left back offer
Cluj boss Dan Petrescu has branded Louis Munteanu "irreplaceable" following reports of a £6.9million bid from Celtic The Scottish Premiership champions are keen to sign a striker despite the incoming arrivals of Shin Yamada - but Brendan Rodgers' declared the club would like to add even more firepower. The Hoops have lost both Nicolas Kuhn to Como and Kyogo Furuhashi in the last six months - and Rodgers insists he needs to replaced the goals that have been lost since January. READ MORE: Kasper Schmeichel tells Celtic fans what he's really thinking about fairytale Parkhead ending READ MORE: Benjamin Nygren blows Brendan Rodgers away as Celtic boss reveals real 'value' dwarves £2.2m transfer fee And reports in Romania claim that the the Hoops have seen an offer of just under £6.9million booted out by the Transylvania based club - with the club holding out for a £15.5million. Cluj owner Nelutu Varga told Sport Pesurse : "I have clearly said that Louis Munteanu will only leave if someone pays 18 million euros. I am not discussing anything else." And Petrescu is keen to keep the frontman who netted 25 goals last term. He said: "Louis Munteanu will be almost irreplaceable. If we get a player who scores that many goals, it means we won the lottery." Royal Antwerp wide man Michel-Ange Balikwisha is top of Celtic's list to replace the Kuhn after his move to Como Sporting director Marc Overmars has declared that he will only sell the winger for the right price - but reports suggest that a deal could be done with the Belgian outfit in dire need of a financial boost. Speaking to Off the Underside, Sky Sports reporter Anthony Joseph claimed that the wide man has given Celtic an "indication" he would like to join the club this summer after long-standing interest. Celtic have also been credited with an interest in Manchester United misfit Tyrell Malacia as they search for a new left-back. After Greg Taylor's departure, the boss is looking to add competition for Kieran Tierney. Celtic had shown interest in taking the Netherlands international on loan in January, Reports suggest that after United need to sell him for £3.22million to avoid a loss under the profit and sustainability rules (PSR). It is claimed the club willing to accept that lowball bid due to the lack of interest so far this summer - and former United striker Teddy Sheringham has branded the situation "ridiculous." He told Sky Bet: 'It's very easy to spend money on players, but it's hard to recoup it. 'It seems quiet, but I bet there's lots going on behind the scenes at Manchester United. Other clubs know United's position. 'They've made it known that they're looking to sell around five players, which signals to other clubs to make them ridiculous offers. 'I would assume that's what football clubs are doing around Europe, and Manchester United are turning them down at the moment. 'The longer that goes on, I reckon those offers might be a little less ridiculous, but United want these players off the books – they've made their bed and they've got to lie in it. 'They'll probably take anything from a quarter to a fifth of their asking price for some of them.'
The Sun
11 hours ago
- Business
- The Sun
Inside Newcastle's nightmare summer from hijacked transfers to Isak drama – and why it could get worse
YOU CAN'T help feel a little sorry for Eddie Howe. It was supposed to be the summer that it all finally started happening for Newcastle. 6 6 Not only had he secured the club's first piece of major silverware for 70 years, the Toon boss also had the Champions League to look forward to again. He achieved all of that without making a major first-team signing for 18 months while selling several members of his squad amid the battle to meet PSR rules. But it feels like all that excitement is quickly evaporating as the feelings of frustration mount. Here's why Newcastle's summer window is threatening to turn into a real dampener: READ MORE ON FOOTBALL ALEXANDER ISAK The Swede is THE hot topic right now and, despite the club's insistence that it's down to injury, his absence from the Far East tour and desire to see what's on offer at Liverpool only intensifies speculation over his future. All of the current drama and concern over his future stems all the way back to last summer. Former co-owners Amanda Staveley and Mehrdad Ghodoussi had promised the hotshot's camp talks over a bumper pay rise from his current £130,000-a-week contract. But then incoming sporting director Paul Mitchell, who we have more on below, decided to postpone negotiations due to a feeling Isak was already handsomely paid and having the security of knowing he was tied down on a contract until 2028. The striker kept producing the goods on the pitch but, even though Mitchell has now departed, there has still been no progress on an extension. Newcastle are willing to smash their £150,000-a-week pay ceiling and make him the best-paid player in their history but sources have indicated he wants a £300k weekly salary. Though the last thing anyone wants is for the drama to keep dragging on and a decision needs to be made fast to avoid any potential hangover affecting the start of the season. SPORTING DIRECTOR Howe revealed he was just starting the second day of his holiday in May when the news came through that Mitchell was leaving. And with no replacement lined-up or yet appointed, the head coach has found himself playing a more central role in transfer business. That led to him, head of recruitment Steve Nickson and assistant head of recruitment Andy Howe being tasked with overseeing transfer deals. Howe revealed: 'My phone exploded. I was enjoying my second day of my holiday and that quickly went sour. 'It was a complete surprise to me. And a big disappointment because we had stability, we were planning the summer ahead and then that's a big upheaval internally that we've been through before with Dan Ashworth leaving. 6 6 'It's been a busier summer in that respect than I wanted. Naturally with Paul leaving, that left a hole in terms of that role. And of course someone in that role protects the manager from a lot of things. And of course his departure left that open for me to do some things that I wouldn't have normally done. 'The summer certainly wasn't a relaxing one for me to switch off and see what happens.' The search for Mitchell's replacement, which saw former Arsenal assistant sporting director Jason Ayto interviewed, now appears to be coming to a close. Nottingham Forest's chief football officer Ross Wilson is their preferred candidate and is set to be offered the role. TRANSFERS Newcastle finally had something to celebrate when Howe managed to get the deal over the line for Anthony Elanga. But the £55m arrival of the winger from Forest has so far been the only addition. Howe, and the likes of skipper Bruno Guimaraes, called for the club to move fast and bolster the wafer-thin squad once the summer market opened. But, Elanga aside, it has been a hugely frustrating window with Toon missing out on four top targets with a FIFTH now looking likely. The Magpies saw deals for Liam Delap, Joao Pedro, Bryan Mbeumo and Hugo Ekitike hijacked while Man City seem set to swoop and snatch long-term goalkeeper target James Trafford. A squad that included a host of young, raw and untested academy players was thrashed at Celtic on Saturday and that laid bare how much more reinforcements are needed. 6 6 Howe said: 'My wish was for us to do our business early and we certainly tried, but it wasn't to be. 'We've had a frustrating time in terms of losing targets to other clubs. I'd be very open with that. That's happened on several occasions. 'You just have to accept it. In order for a transfer to really work, in my opinion, the player has to be desperate to come to your club. If we don't get that, the transfer doesn't work. 'We're seeking players that are good enough, that are desperate to come, and that can make the difference that they're in short supply for us. 'We're confident that we can try and get some more players in to strengthen the depth of the squad. We're certainly aware that we need to and we're trying as hard as we can to do that.' Newcastle are set to table a £30m offer for Brentford forward Yoane Wissa after the star left Brentford's pre-season camp in Portugal. UPSTAIRS UNCERTAINTY The expected arrival of Wilson as sporting director will be just the latest in a series of changes in the hierarchy. A replacement for much-loved CEO Darren Eales is still yet to be confirmed. It was last September when he announced he was serving his notice after being diagnosed with blood cancer. Ex- Real Madrid executive David Hopkinson is believed to be among the frontrunners for the position. And to add to the upheaval and change, Newcastle appointed Atalanta's director of football intelligence Sudarshan Gopaladesikan as new technical director this week. He will report to whoever comes in to take over from Eales. Any club trying to operate without a proper and in-place executive team will always face issues. And the sooner the upstairs gets sorted then the better for everybody.
New York Times
15 hours ago
- Business
- New York Times
Newcastle United, Alexander Isak's wish to leave, and the challenge of being elite
Newcastle United are an elite team. They are fresh from winning a trophy in their second cup final in the space of three seasons. Over the same period, they have finished fourth, seventh and fifth in the Premier League and they are back in the Champions League, where they last played in 2023-24. Europe, competing, winning; these things are becoming their natural domain. They have an exceptional head coach and some brilliant players. Advertisement Newcastle are not an elite club. They do not have a purpose-built training ground and St James' Park is ageing. At £83.6million ($113m) in their last published accounts, their annual commercial income is dwarfed by those of the traditional 'Big Six' (Arsenal, who earned the least of them last season, still raked in £218.3m). As things stand, they have no sporting director and have not appointed a successor to Darren Eales, the chief executive, who is on medical leave while serving his notice. An elite club needs an elite team. It could also do with a strategy. These twin threads — of what it takes to be elite — snake back over two or three years, as Howe's first team has raced ahead of a club scrambling to rebuild after the inertia of the Mike Ashley era while hemmed in by the Premier League's profit and sustainability Rules (PSR). On the one hand, they have spent big since their Saudi-led takeover in 2021, but on the other, Anthony Elanga's recent arrival from Nottingham Forest came after three successive transfer windows with no first-team-ready signings. Somewhere in the middle of all that stands Alexander Isak, a player who has developed under Howe into one of the most complete forwards around, a game-changer and a match-winner who has scored 20 goals or more in consecutive Premier League seasons. If the £60m Newcastle spent on Isak in 2022 was a calculated gamble — the Sweden international had huge potential but could drift towards the periphery — it has long since paid off. This summer, Newcastle have been given a brutal education in what being elite entails. Several oven-ready players they have either targeted or approached — Bryan Mbeumo, Liam Delap, Joao Pedro and Hugo Ekitike among them — have moved to more established clubs, either in terms of history, reputation or paying power. And now, Isak, their most important and valuable asset, wishes to leave and has been omitted from their pre-season tour to Asia. Advertisement In isolation, this kind of thing can happen to any club. Isak did not grow up a Newcastle fan who dreamt of scoring in front of the Gallowgate End. As a fanbase, as a region, we yearn for people to be swept away by our beautiful madness, to get us and buy into us, and Isak has done that while becoming part of a team that has delivered a moment of immortality. Yet careers are finite and he has a right to look around and consider his options. At Liverpool, who recently expressed an interest in buying Isak for £120m, Mohamed Salah has commanded a basic weekly wage of £350,000, which The Athletic has reported was actually closer to £1m once external commercial endorsements were taken into account. Salah was the only player to score more goals than Isak in the Premier League last season, but Newcastle's highest earners are on around £150,000-a-week. In relative terms, that is not stratospheric. Away from the training ground, there has been a degree of confidence regarding Isak's position over recent months. After the shambles of a year ago, when PSR was pressing in and Newcastle sold Elliot Anderson and Yankuba Minteh to raise £60m and head off a double-figure points deduction, they no longer need to sell. With Isak having three years on his contract, they felt they were in a position of strength, although this was always dependent on the player's attitude. Discussing a new deal with Isak was always part of the plan this summer. An elite club like Liverpool could offer him £300,000-a-week, but could Newcastle? 'We aren't the biggest payers in the league, because we don't generate the most income,' Howe told reporters after Newcastle's 4-0 friendly defeat to Celtic last weekend. 'So, we have to fall in line with PSR, be very smart with what we do. We have to control the wages of the players we have.' It is not particularly helpful to point out that Newcastle have a baked-in disadvantage here, just as any upwardly mobile club does. Saudi Arabia's Public Investment Fund (PIF), Newcastle's majority owners, have the wherewithal to pay elite salaries and elite transfer fees, but the system does not allow it, and although that system is designed to protect football from unbalanced spending, it also serves to protect those already at the top. Advertisement How do ambitious clubs circumnavigate that or compete with it? They get bigger, and in Newcastle's case, their overall revenue for the financial year 2023-24 was £320.3m, a 28 per cent year-on-year increase which Eales described as 'unprecedented growth in football.' Pretty impressive until you see what they're up against; for the same period, Manchester City's revenue was £715m, more than double. The other way is to sell, and here Newcastle are both locked in a corner and still to crack the code. Their model post-takeover has been to sell at the right time and the right place; when Bruno Guimaraes joined them in that first, manic January window, leading figures at the club speculated in private about getting a good couple of years out of him and then selling, reinvesting and going again, but that moment never happened. Desperation to avoid relegation made them spend. Injury to Callum Wilson made them spend on Isak. Qualifying for the Champions League the first time obliged them to spend again to deepen their playing pool, then a ridiculous rash of injuries mitigated against selling. Nobody touched Guimaraes for a release clause set at £100m and when the time (inevitably) came that they had no choice but to sell, it was no longer on their terms. Having trimmed their squad over the past 12 months, Newcastle have more room for manoeuvre and have been able to do very little about it, Elanga apart. Selling Isak would wipe out PSR issues for the foreseeable future, but it would weaken them in a position which they already needed reinforcements for and which is notoriously difficult and expensive to fill. This at the very moment the Champions League beckons once again. As The Athletic has reported, Newcastle are exploring a move for Benjamin Sesko, the RB Leipzig striker, in the event that Isak goes, with the caveat that this 'would be highly challenging from a financial perspective.' Plus, Isak is a guarantee of Premier League goals. As of yet, Sesko is not. At some point, Newcastle need to master the art of the deal, but nobody wants it to be Isak and nobody wants it to be now. This remains the view of the club, but it is also another thread. Older supporters are still scarred by the loss of Peter Beardsley, Chris Waddle, Paul Gascoigne and, a little later, Andy Carroll. Countless managers, including Rafa Benitez and Howe, have been paranoid about letting players go, particularly when finances have been tight, because they have never been certain about securing replacements. In spring last year, with Dan Ashworth on gardening leave prior to joining Manchester United, Amanda Staveley, then a Newcastle co-owner, stepped in to handle contract negotiations with Joelinton, the Brazil international. Staveley had previously done something similar with Guimaraes, the logjam was broken and both players signed. Since then, Staveley has gone and so, too, has Paul Mitchell, Ashworth's replacement as sporting director. Advertisement Staveley's personal touch has never been replaced – which is more important than might be imagined – and two huge positions of influence at the top of the club are currently vacant, which is sub-optimal to say the least, particularly when you want to demonstrate to your best player that he is absolutely integral and that you mean business. Who would be doing the talking, the haggling, the praising? Those positions will be filled, but relationships will be new again and the new arrivals will have their own ideas and way of working. It returns Howe to the beginning of last season when his dressing room was left unsettled by a disrupted summer and it took all of his power to turn things around. The head coach managed it back then and perhaps he will manage it again, but it does not feel sustainable. As someone close to Howe told The Athletic not too long ago, speaking anonymously to protect relationships: 'No one fully understands apart from Eddie and his staff just how difficult this season has been. Things could have gone very differently.' This notion of progress, what it looks like and how they get there is both fascinating and fraught. It would help if Newcastle could point to something tangible happening with a new stadium, or share a vision for a new training ground and say 'this is the club we are and will be,' but those big decisions have been repeatedly deferred. It would help if there were somebody to do the pointing; why must every appointment take so bloody long? It would help if they could pay big money, but how to do that without demolishing the wage bill? It would help if they sold a big player, except how does it actually help you to help a rival which is already elite? Not for the first time in living memory, albeit in very different circumstances, Newcastle the club is holding back Newcastle the team. Not for the first time, at least some of it is self-inflicted. ()
